Lithium-ion Battery Recycling Market Research Analysis, Future Prospects And Growth Drivers To 2025

Interconnected and interdependent, the growth of the global lithium-ion battery recycling market will heavily rely on sales of electric vehicles and their aftermarket. Adoption of lithium-ion battery recycling technologies will become integral to reducing the carbon footprint of electric vehicles as the International Energy Agency predicts that there will be about an 800% increase in the number of EVs by 2031, creating a monstrous issue of battery wastes.

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Environmental Pollution due to Chemical Waste from Batteries Triggers a Wave of Recycling Technologies

Discarded lithium-ion batteries can be extremely inflammable, leading to fires and chemical wastage that can have unwanted effects on the environment. As these batteries have a high energy density they are prone to explosion when damaged. Thus, when waste management of lithium-ion batters is regulated in several parts of the world. To prevent these batteries from ending up in landfills and municipal wastes, efforts are now being taken to invest in recycling technologies to create a circular economy around electric vehicles.

Pyrometallurgy and Hydrometallurgy Provide Best Choice of Material Recovery

As Li-ion batteries are complicated products three basic processes used for recycling are pyrometallurgy (smelting), hydrometallurgy (leaching), and direct recycling (physical processes). Historically, the primary objective of recycling Li-ion batteries is to recover cobalt as it is high in value. With growing interest in the recovery of cathode materials, pyrometallurgy and hydrometallurgy are used predominantly. The financial incentive to recover the materials is expected to push the demand for these recycling technologies in an upward direction during the forecast period of 2021 and 2025. However, hydrometallurgy could lead the way as it remains a low-temperature and low energy process, which can be applied on small scale basis too.

Europe and North America Stay Ahead with Directives

The global lithium-ion battery recycling market is led by North America and Europe. Growing investments in creating a sustainable infrastructure around the adoption of electric vehicles are expected to drive these regional markets. Europe is expected to set a standard as the region is ahead of others in adopting vehicular electrification. Furthermore, the Directive 2006/66/EC of the European Parliament and of the Council of 6 September 2006 specifies the regulations under which the batteries are to be discarded and managed.

Meanwhile, Asia Pacific is also expected to make a significant contribution to the global lithium-ion battery recycling market as China and India are at the forefront of production. Additionally, increasing efforts to promote electric vehicles to reduce the pressure on conventional fuels is also expected to create an urgent need for Li-on battery recycling technologies in the region.

Some of the leading players operating in the global lithium-ion battery recycling market are Fortum, Tesla, Inc., Northvolt, Li-Cycle Corp, Norsk Hydro ASA, Ganfeng Lithium, American Battery Technology Company (ABTC), Redwood Materials, Inc., Green Li-ion Pte Ltd., Battery Resourcers Inc., ReLiB Project, Li-Cycle, Northvolt, and Ganfeng Lithium.

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